All Real Assets articles in Web Issue – Page 114
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PropertyEU Archive
GE Real Estate buys up Stockholm properties
Property firm GE Real Estate said it has agreed to buy two properties on the outskirts of Stockholm from Swedish pension fund AMF for an undisclosed sum. The two buildings are mainly office space and have a total lettable area of 30,000 m[sup]2[/sup]. They are currently 78% let, and so ...
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PropertyEU Archive
Skanska sells office project in Copenhagen
Skanska is selling the Havneholmen Atrium office building in Copenhagen to real estate company Norrporten for an undisclosed amount. Norrporten will take over the property when it is completed in the second quarter of 2008. The project, started in the second quarter of 2006, will require an investment of about ...
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PropertyEU Archive
Leasinvest withdraws offer for Immo Croissance
Listed Belgian real estate fund Leasinvest said it is withdrawing its offer for Luxembourg investment company Immo Croissance, following the counter-bid launched on 26 June by Icelandic group Baugur at EUR 329.15 per distribution share and EUR 926.16 per capitalisation share. Baugur's bid is almost 11% higher than the offer ...
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PropertyEU Archive
Sochi wins 'Olympic gold'
The Russian Black Sea resort of Sochi is celebrating after being selected to host the 2014 Winter Olympics. The vote by the Olympic Committee went to the 2nd round on Wednesday in Guatemala City. Sochi eventually won out after Salzburg was eliminated in the first round, followed by the South ...
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PropertyEU Archive
NCC sells phase 1 of business park
Swedish construction firm NCC and its Finnish peer Alfred A Palmberg have agreed to sell the first phase of their Polaris business park project in Helsinki to German property investor Oppenheim Immobilien-Kapitalanlagegesellschaft (OIK), part of IVG, for SEK 200 mln (EUR 22 mln). The construction companies said they will also ...
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PropertyEU Archive
Accor ups stake in Portuguese hotel venture to 100%
French hotel group Accor plans to acquire the remaining 50% in its Portuguese hotel joint venture from Portuguese property investor Amorim for an undisclosed sum. Accor added that it had also agreed to sell the Sofitel Thalassa Vilalara hotel to Amorim for EUR 25 mln. The company said the joint ...
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PropertyEU Archive
Norwegian Property agrees EUR 2.7bn refinancing
Norwegian Property has announced the signing of loan and mandate agreements with Nordea Bank Norge and SEB Merchant Banking Skandinaviska Enskilda Banken for a total financing volume of up to NOK 21 bn (EUR 2.7 bn).
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PropertyEU Archive
Danish telecom group sells 224 properties for EUR 550m
Danish telecom operator TDC has divested 224 properties in a sale-and-leaseback agreement to a company controlled by Danish pension funds ATP Ejendomme and PFA Ejendomme. The DKK 4.1 bn (EUR 550 mln) sale is expected to result in an after-tax gain of about EUR 376.3 mln, which will be ...
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PropertyEU Archive
British Land launches £250m share buyback programme
British Land has repurchased a total of one million shares at an average price of 1.37 pence per share, taking advantage of what it sees as an undervalued share price. British Land, which converted to real estate investment trust (REIT) status at the beginning of this year, said that it ...
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PropertyEU Archive
Goldman Sachs set to sell EUR 3bn German real estate
Goldman Sachs is putting two German property portfolios valued at about EUR 3 bn on the market, newspaper the Financial Times has reported, without citing sources. Noting the assets were acquired during the past 18 months, the newspaper said the sale plans are the latest sign foreign investors are exiting ...
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PropertyEU Archive
Merrill Lynch launches EUR 433m bid for Berenice
Merrill Lynch's Galante fund has launched a counter bid of EUR 760 per unit, or a total of EUR 433 mln, for Italy's real estate office fund Berenice. The new bid beats the EUR 725 offer for each of the 570,000 Berenice units already made by Goldman Sachs-owned Zwinger Opco. ...
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PropertyEU Archive
Electra RE, Kamor buy BMW plant for EUR 48m
Electra Real Estate and Kamor have acquired a BMW spare parts factory and logistics centre in Regensburg, Germany for about EUR 48 mln. The property is fully leased to BMW until 2033, with an early exit option in 2018. Net rental income from the complex is EUR 3 mln per ...
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PropertyEU Archive
Heijmans, Ballast win EUR 52m Dutch construction project
Dutch construction companies Heijmans and Ballast Nedam have won a EUR 52 mln construction project in the Dutch city of Tilburg. Heijmans will carry out two-thirds of the construction work, with Ballast Nedam taking on the remaining third. The project is for the construction of two mixed residential and office ...
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PropertyEU Archive
AFI in EUR 580m Moscow project
A wholly-owned subsidiary of AFI Development's has entered into a short-term land-lease agreement with the municipality of Odintsovo in the suburbs of Moscow for the construction of a major project. Through the agreement, AFI has taken possession of a plot of land of almost 32 hectares that is zoned for ...
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PropertyEU Archive
VastNed adds Frankfurt offices to portfolio
Dutch property investor VastNed Offices/Industrial has purchased a 13,000 m[sup]2[/sup] office building in the city of Frankfurt for EUR 37 mln, bringing its total investments in the German office market up to EUR 90 mln.
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PropertyEU Archive
Serviced apartments in the Alps go on sale
The sales process has begun for apartments in two uniquely-shaped residential towers being built in the 1,600-metre-high Katschberg region in the Austrian Alps. The towers - named Edel and Weiss - are one of the first 'serviced living' schemes being developed by the Falkensteiner Michaeler Tourist Group as part of ...
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PropertyEU Archive
Carlyle buys Copenhagen office building
Carlyle Group has completed its fifth investment in the Nordic region with the purchase of the TDC headquarters in downtown Copenhagen, Denmark. This trophy asset is being sold by KTAS Pensionskasse, the pension fund of the Danish telecoms group, for an undisclosed amount. The acquisition of the 49,100 m[sup]2[/sup] office ...
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PropertyEU Archive
Icade ups Opera Construction stake
The Capri unit of French property developer Icade has increased its stake in French builder Opera Construction to 83.3% from 69.3%, after buying a 13.9% stake from Ste Privee de Gestion de Patrimoine. Icade Capri acquired a 69.3% stake in Opera Construction in April, and now plans to launch a ...
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PropertyEU Archive
DG Hyp, Muenchener to merge, paper reports
German cooperative real estate banks DG Hyp and Muenchener Hypothekenbank are close to signing a merger agreement, German newspaper Frankfurter Allgemeine Zeitung reported, citing an unnamed source. The paper said the non-executive boards of the two companies are set to approve a letter of intent on the merger this week. ...
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PropertyEU Archive
Cofinimmo acquires Inbev pubs for EUR 419m
Brussels-based property investor Cofinimmo has entered into an agreement to acquire 90% of Immobrew, a real estate subsidiary of beer brewer Inbev, for EUR 419 mln, reflecting an initial yield of 5.8%. Immobrew directly owns 824 pubs and some residential assets in Belgium and indirectly holds a further 245 pubs ...
